oil embargo

oil embargo

Candidates Need to Connect to Middle Class Says ‘American Mojo’ Author

2w ago
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America’s 'Mojo' started slipping during the 1973 Arab oil embargo, leading to a decades-long erosion of the country’s middle class, said Peter Kiernan, author of 'American Mojo: Lost and Found'. And he wants the country to get it back before it’s too late. 'That was the moment that we lost control of a vital asset that we had been able to control for a long time. We dictated the production of oil out of the Middle East. The American people then faced oil at $3 a barrel if you can imagine such a thing. That was really the beginning of the beginning.' Kiernan’s last book 'Becoming China’s Bitch' won the International Book Award and was a New York Times bestseller. Numbers like jobs reports and GDP don’t truly reflect a country’s confidence or it’s 'Mojo' in Kiernan’s view. Instead, he said the best way to measure it is by looking for the aspirations of the middle class. 'Most Americans, even if they are not in the middle class, still aspire to a middle class life. They aspire to have a good job. Have a nice house and a car. Educate their kids if they can afford it. Live for a retirement that’s pleasurable, but more important than that, the confidence that their kids are going to be better off than they are. That’s how I measure Mojo. That’s what’s slipping in this country today,' said Kiernan. In 'American Mojo', Kiernan offers a slew of ways to rebuild the country’s middle class 'before the world blows by.' Subscribe to TheStreetTV on YouTube: http://t.st/TheStreetTV For more content from TheStreet visit: http://thestreet.com Check out all our videos: http://youtube.com/user/TheStreetTV Follow TheStreet on Twitter: http://twitter.com/thestreet Like TheStreet on Facebook: http://facebook.com/TheStreet Follow TheStreet on LinkedIn: http://linkedin.com/company/theStreet Follow TheStreet on Google+: http://plus.google.com/+TheStreet